Indraprastha Gas Sees Surge in Open Interest Amid Market Dynamics Shift

Indraprastha Gas Ltd (IGL), a prominent player in the Gas Transmission and Marketing industry, has experienced a significant increase in open interest today. The latest open interest stands at 16,485 contracts, reflecting a rise of 1,818 contracts or 12.4% from the previous open interest of 14,667. The trading volume for the day reached 9,019 contracts, indicating active participation in the market.
In terms of price performance, Indraprastha Gas has underperformed its sector by 0.48%, with the stock recording a decline of 2.63% on the day. Over the past three days, the stock has faced consecutive losses, totaling a drop of 4.01%. The intraday low was noted at Rs 178.32, representing a decrease of 3.82% from the previous close. The weighted average price suggests that more volume was traded closer to this low price point.

Additionally, the stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Delivery volume has also decreased significantly, falling by 36.67% compared to the 5-day average. Despite these challenges, the stock remains liquid enough for trades sized at Rs 1.82 crore, based on 2% of the 5-day average traded value. Overall, the notable increase in open interest highlights a shift in market dynamics for Indraprastha Gas.